Car, truck sales surged by 56% as of June as sector recovers | Inquirer Business
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BUYERS UNFAZED BY SAFEGUARD DUTY

Car, truck sales surged by 56% as of June as sector recovers

/ 05:10 AM July 14, 2021

Car and truck manufacturers sold 22,550 units in June, a 44.8-percent growth from the same month a year ago, as the industry continues to grow despite previous fears that a tax on imported cars would hold back its recovery.

Total sales reached 132,767 units in the first half of the year, 56.1 percent more than sales as of June 2020, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and Truck Manufacturers Association (TMA).  “The auto industry continues to adjust to the effects of the pandemic at the same time striving to strike a balance between its contribution to the economy and keeping its stakeholders safe and healthy during these unprecedented times,” said Campi president Rommel Gutierrez in a statement on Tuesday.

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Campi accounts for the bulk of the auto industry’s sales.

Toyota continues to be the market leader in the first half of year, cornering 48.02 percent of the market. Mitsubishi Motors Philippines Corp., on the other hand, followed with a 14.96 percent market share while Suzuki Phils., Inc. placed third with 7.52 percent.

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On the other hand, importer group the Association of Vehicle Importers and Distributors, Inc. (Avid) has not yet issued its latest sales report as of press time. Avid has also opposed the government’s safeguard duty.

The higher sales also so far went against earlier expectations that the government’s safeguard duty on imported vehicles would make it harder for the auto industry, which imports the majority of its units from hubs like Thailand, to recover.

A safeguard duty has been in place since February. The Department of Trade and Industry (DTI) imposed the measure to protect local workers in car factories from the impact of too many imports.

The DTI slapped a provisional safeguard duty of P70,000 per imported passenger car and P110,000 per imported light commercial vehicle.

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TAGS: car and truck manufacturers, Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi), Truck Manufacturers Association (TMA)
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